Father’s Day Spending is Up [AUDIO]
When it comes to Mother's Day and Father's Day, dads usually take the laid back approach when it comes to gifts. But not this year!
"Consumers are planning to spend more than ever on gifts for Dad this year, about 117 dollars on average," said Kathy Grannis of the National Retail Federation. "That's up ten percent from last year and it's closing the gap between it's biggest competitor, that being Mother's Day. People want to chip in and spend their hard earned money on the man who often spends his hard earned money on them."
Total spending for Father's Day is expected to reach $12.7 billion.
So, what types of gifts will folks be splurging on? The survey by the National Retail Federation finds more people will treat Dad to a special outing, like golfing, eating out or a sporting event.
"They'll also invest in electronics, clothing and gift cards," said Grannis.
When it comes to the number of men people plan to buy for this Father's Day, the survey found consumers are likely to consider a variety of "types" of dads this year. Most people will buy for their father or stepfather and their husband. Others will treat their son, grandfather, brother and friend to something nice.
Department stores will be the location of choice for shoppers this Father's Day. Four in 10 say they will look for gifts there. Others will head to discount or specialty stores. Online retailers will see their fair share of traffic this year as well.